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Prepare a Multiple-Step Income Statement based on the information presented in problem 4 above.
Answer :
Lotu Wo Company
Multiple-Step Income Statement
Particulars Amount in mce_markernbsp;
Net Sales 560,000
Less: Cost of goods sold 366,000
Gross Profit 194,000
Operating expenses:
General and administrative expenses 12,000
Selling expenses 18,000
Operating income / Comprehensive income 164,000
Other income / (expense)
Interest expense 2,000
Interest revenue 600
Net profit before tax 162,600
Less: Income tax expense 50,000
Net profit after tax 112,600
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
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